Matches in SemOpenAlex for { <https://semopenalex.org/work/W4235577746> ?p ?o ?g. }
Showing items 1 to 64 of
64
with 100 items per page.
- W4235577746 endingPage "14" @default.
- W4235577746 startingPage "14" @default.
- W4235577746 abstract "We examine how a licensor can optimally design licensing contracts for multi-phase R&D projects when he does not know the licensee’s project valuation, leading to adverse selection, and cannot enforce the licensee’s effort level, resulting in moral hazard. We focus on the effect of the phased nature typical of such projects, and compare single-phase and multi-phase contracts. We determine the optimal values for the upfront payment, milestone payments and royalties, and the optimal timing for outlicensing. Including multiple milestones and accompanying payments can be an effective way of discriminating between licensees holding different valuations, without having to manipulate the royalty rate, which induces licensees to invest less, resulting in lower project values and socially suboptimal solutions. Interestingly, we also find that multiple milestone payments are beneficial even when the licensor is risk-averse, contrary to standard contract theory results, which recommend that only an upfront payment should be used. In terms of licensing timing, we show that the optimal time depends on the licensor’s risk aversion, the characteristics of the licensee and the project value." @default.
- W4235577746 created "2022-05-12" @default.
- W4235577746 date "1998-07-01" @default.
- W4235577746 modified "2023-10-17" @default.
- W4235577746 title "Economic review" @default.
- W4235577746 doi "https://doi.org/10.1016/s1365-6937(98)90349-5" @default.
- W4235577746 hasPublicationYear "1998" @default.
- W4235577746 type Work @default.
- W4235577746 citedByCount "1" @default.
- W4235577746 crossrefType "journal-article" @default.
- W4235577746 hasConcept C10138342 @default.
- W4235577746 hasConcept C111919701 @default.
- W4235577746 hasConcept C120060458 @default.
- W4235577746 hasConcept C144133560 @default.
- W4235577746 hasConcept C145097563 @default.
- W4235577746 hasConcept C162118730 @default.
- W4235577746 hasConcept C162324750 @default.
- W4235577746 hasConcept C166957645 @default.
- W4235577746 hasConcept C175444787 @default.
- W4235577746 hasConcept C186027771 @default.
- W4235577746 hasConcept C2779057293 @default.
- W4235577746 hasConcept C2780202544 @default.
- W4235577746 hasConcept C2780560020 @default.
- W4235577746 hasConcept C29122968 @default.
- W4235577746 hasConcept C32252159 @default.
- W4235577746 hasConcept C41008148 @default.
- W4235577746 hasConcept C95457728 @default.
- W4235577746 hasConceptScore W4235577746C10138342 @default.
- W4235577746 hasConceptScore W4235577746C111919701 @default.
- W4235577746 hasConceptScore W4235577746C120060458 @default.
- W4235577746 hasConceptScore W4235577746C144133560 @default.
- W4235577746 hasConceptScore W4235577746C145097563 @default.
- W4235577746 hasConceptScore W4235577746C162118730 @default.
- W4235577746 hasConceptScore W4235577746C162324750 @default.
- W4235577746 hasConceptScore W4235577746C166957645 @default.
- W4235577746 hasConceptScore W4235577746C175444787 @default.
- W4235577746 hasConceptScore W4235577746C186027771 @default.
- W4235577746 hasConceptScore W4235577746C2779057293 @default.
- W4235577746 hasConceptScore W4235577746C2780202544 @default.
- W4235577746 hasConceptScore W4235577746C2780560020 @default.
- W4235577746 hasConceptScore W4235577746C29122968 @default.
- W4235577746 hasConceptScore W4235577746C32252159 @default.
- W4235577746 hasConceptScore W4235577746C41008148 @default.
- W4235577746 hasConceptScore W4235577746C95457728 @default.
- W4235577746 hasIssue "16" @default.
- W4235577746 hasLocation W42355777461 @default.
- W4235577746 hasOpenAccess W4235577746 @default.
- W4235577746 hasPrimaryLocation W42355777461 @default.
- W4235577746 hasRelatedWork W2105529037 @default.
- W4235577746 hasRelatedWork W2169316374 @default.
- W4235577746 hasRelatedWork W2366071369 @default.
- W4235577746 hasRelatedWork W2623320778 @default.
- W4235577746 hasRelatedWork W2891455101 @default.
- W4235577746 hasRelatedWork W3083794200 @default.
- W4235577746 hasRelatedWork W3125508586 @default.
- W4235577746 hasRelatedWork W4230396474 @default.
- W4235577746 hasRelatedWork W4239872062 @default.
- W4235577746 hasRelatedWork W69591284 @default.
- W4235577746 hasVolume "1998" @default.
- W4235577746 isParatext "false" @default.
- W4235577746 isRetracted "false" @default.
- W4235577746 workType "article" @default.